Stock market snaps four-day losing streak; Nifty above 22,500
New Delhi, Oct 5 (UNI) The Indian stock market on Monday snapped its four-day losing streak. Nifty closed above 22,500 in a volatile session, supported by falling crude oil prices and buying across sectors.
The market opened on a strong note amid positive global cues and the Nifty touched an intraday high of 22,621.80. At close, the Sensex was up 472.77 points or 0.66 per cent at 72,382.47, and the Nifty was up 133.80 points or 0.60 per cent at 22,555.75, with the Nifty Midcap and Smallcap indices adding 0.5 per cent each. Among sectors, all other sectoral indices ended in the green except pharma. Consumer Durables, FMCG, Media, Infra, Oil & Gas, PSU Bank, Telecom, and Realty were up 0.5-2 per cent.
On Nifty, the gainers were Tata Motors Passenger Vehicles, ITC, Bajaj Finance, Shriram Finance, NTPC, while losers included HCL Technologies, Max Healthcare, HDFC Bank, Asian Paints and Apollo Hospitals. More than 200 stocks touched 52-week lows, including UPL, Swan Corp, Bikaji Foods, Bombay Burmah, Medplus Health, JK Lakshmi Cem, Godawari Power, NBCC (India), IEX, Vedanta Aluminium, IndiaMART InterMESH, Motherson Sumi Wiring India, Trident, General Insurance Corporation of India, ABLBL, Bayer CropScience, Jyothy Labs, Indian Oil Corporation (IOC), IRFC and Godrej Consumer Products, among others. Raymond Realty shares gained 6 per cent after reporting strong Q2 performance, while HDFC Bank shed 2 per cent. TCS advanced 1.4 per cent after announcing an agreement with Best Buy, while PNB gained 2 per cent despite an administrative warning issued by SEBI.
Vinod Nair, Head of Research, Geojit Investments Limited, said, "Markets staged a recovery, supported by softer-than-expected US jobs data and a moderation in crude oil prices, providing some relief to investors assessing the near-term interest rate outlook. However, the disconnect between underlying economic growth and market performance has led participants to increasingly price in elevated crude oil prices, higher bond yields, and currency-related risks."
"Attention is now shifting to the RBI policy decision and the upcoming earnings season, with a 25-bps rate hike already largely priced into market expectations. The market is nearing an important juncture; a rebound is likely; however, the current risk-off sentiment may tempt investors to book profits until a fresh catalyst emerges," Nair added.
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